New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct (PCT) reported a softer-than-expected 1H26 result, though this largely reflected the timing of the 22 Stanley Street transaction.</li><li>Positively, FY26 funds from operations (FFO) and dividend per share guidance were maintained.</li><li>We retain our OUTPERFORM rating, with PCT trading at a -13% discount to our NAV, an above-average gross yield of 9.2% (33% taxpayer), and FY25–28E FFO CAGR of +3%.</li></ul>

Precinct (PCT) reported a softer-than-expected 1H26 result, though this largely reflected the timing of the 22 Stanley Street transaction.Positively, FY26 funds from operations (FFO) and dividend per share guidance were maintained.We retain our OUTPERFORM rating, with PCT trading at a -13% discount to our NAV, an above-average gross yield of 9.2% (33% taxpayer), and FY25–28E FFO CAGR of +3%.

Precinct Properties NZ 1H26 Result—Line Of Sight On 2H26